Unilife Realty Inc. : Blog : Latest Blog Posts

New normal for Metro Vancouver’s housing market continues

Thu, 12 Mar 2026 21:25:02 GMT

VANCOUVER, BC – March 3, 2026 – Metro Vancouver* home sales registered on the MLS® in February continued the recent trend of slower-than-average sales, seeing a ten per cent decline over the same period last year.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 1,648 in February 2026, a 9.8 per cent decrease from the 1,827 sales recorded in February 2025. This was 28.7 per cent below the 10-year seasonal average (2,310).

There were 4,734 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2026. This represents a 6.4 per cent decrease compared to the 5,057 properties listed in February 2025. This was 7.1 per cent above the 10-year seasonal average (4,421).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 13,545, a 6.3 per cent increase compared to February 2025 (12,744). This is 37 per cent above the 10-year seasonal average (9,886).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for February 2026 is 12.6 per cent. By property type, the ratio is nine per cent for detached homes, 16.6 per cent for attached, and 14.1 per cent for apartments.

GVR Stats Package for February 2026

Fraser Valley market shows early bloom with February sales lift

Thu, 12 Mar 2026 21:23:54 GMT

SURREY, BC – The Fraser Valley market showed early signs of a spring thaw in February, with sales increasing over January, but continuing to trail typical levels for this time of year.

The Fraser Valley Real Estate Board recorded 843 sales on its Multiple Listing Service® (MLS®) in February, a 36 per cent increase from January, but 38 per cent below the ten-year seasonal average. New listings declined nine per cent in February to 2,796, suggesting some sellers are choosing to wait amid competitive inventory levels, and may be positioning their homes for the peak of the spring market.

Overall inventory remains above seasonal norms for the Fraser Valley, with 8,344 active listings, up eight per cent from January and 51 per cent above the 10-year seasonal average.

The Fraser Valley remains firmly in a buyer’s market, with an overall sales-to-active listings ratio of ten per cent in February. A balanced market is typically defined by a ratio between 12 and 20 per cent.

Across the Fraser Valley in February, the average number of days to sell a single-family detached home was 47 days, while for a condo it was 45 days. Townhomes took, on average, 39 days to sell.

FVREB Stats Package for February 2026

Home Sales Activity Starts 2026 on Ice

Thu, 12 Mar 2026 21:23:05 GMT

As January winter storms swept across Central Canada, home sales fell 5.8% while new listings rose 7.3%. CREA’s Senior Economist Shaun Cathcart suggested the slowdown was likely weather-related, adding 2026 will be defined by pent-up first-time buyer demand.

Get the details »

CONCORD – Lunch & Learn: Celebrate Year of the Horse & Prize Draw

Mon, 23 Feb 2026 22:45:17 GMT

Date: Tuesday March 10, 2026

Time: 11:00 am

Location: Concord Presentation Centre, 4750 Kingsway, Burnaby

Food and drink to celebrate Year of Horse.

ALL RP AGENTS: Celebrate the Lunar New Year with Alliance Partners and welcome the Year of the Horse with exclusive insights into our latest projects at Point Grey Golf & Country Club

Fri, 13 Feb 2026 19:49:03 GMT

Special Incentives:

New year gifts will be provided to all attendees

Exciting bonus opportunities for agents

Buyers' incentives starting at $88,888

Prize draws including gift cards and an Oura Ring

Event Details:

Date/Time: Thursday, February 26th, 2026, from 2–4 PM

Location: Point Grey Golf Club, 3350 SW Marine Dr, Vancouver (free visitor parking available)

Limited seats, registration is a must : https://forms.gle/XVmXng9MCawFJs8T8

RP Marketing Team invites you to Oakridge Park for Afternoon Tea | Celebrate the Year of the Horse

Fri, 13 Feb 2026 19:43:47 GMT

Date: Wednesday Feb. 18, 2026

Time: 2:00 pm - 4:00 pm

Location: 1067 W. Cordova St., Vancouver

Food and drink to celebrate Year of Horse.

W68 – 8415 Granville Street, Vancouver – RP Marketing Event

Mon, 09 Feb 2026 23:10:16 GMT

Date: Thursday, February 12, 2026
Time: 1:00 pm - 3:00 pm
Location: 8415 Granville Street, Vancouver

Enjoy curated food & champagne
Receive exclusive Lunar New Year incentives with special pricing revealed on site
Enter to exclusive prize draw

GRYPHON NOVA – Realtor Event | Brunch | Beverages | Prize Draw

Mon, 09 Feb 2026 23:09:16 GMT

DATE: Tuesday February 10, 2026

TIME: 11:00 am – 1:00pm

LOCATION: 2762 Granville Street

MORE INCENTIVES WILL BE ANNOUNCED ON THIS DAY.

Lunar New Year event at Park Residences II

Mon, 09 Feb 2026 23:07:48 GMT

You’re warmly invited to the Lunar New Year event at Park Residences II

Feb 7 (Sat) | 1–4 PM

7351 Elmbridge Way, Richmond, BC V6X 1B8

Red envelopes / Lion dance / Special incentives

RSVP here:
https://spark.re/dwkl/park-residences-ii/rsvp-event/lunar-new-year-2026

Royal Pacific Realty Group Lunar New Year Lunch: Wednesday, February 18, 2026

Mon, 09 Feb 2026 23:06:46 GMT

Date: Wednesday February 18, 2026

Time: 12:00 noon

Location: 100 - 1200 West 73rd Avenue, Vancouver
(Royal Pacific head office at Airport Square)

Registration link: https://forms.gle/dnRksTHXeZEq9b3Y9

Dear Royal Pacific Agents,

You are warmly invited to join us for our Lunar New Year Lunch, generously sponsored by John Carlisle Law Corporation and CIBC Sky Tong Team.

Come enjoy a festive afternoon with Great Food, Red Wine, Good Company, and Holiday Cheer!

We will also have the Money God delivering gold coins and good fortune to all participants!

Please mark your calendar—we look forward to celebrating with you.

Wishing you all a Prosperous and Joyful Year of the Horse!

Thank you, and see you there!

RSVP: Please confirm your attendance by Monday, February 16, 2026

New year, same housing market in Metro Vancouver

Mon, 09 Feb 2026 23:05:51 GMT

VANCOUVER, BC – February 3, 2026 – Last year’s market trends continued in January as home sales registered on the MLS® in Metro Vancouver* were 28.5 per cent lower than last year, setting the year off to a quieter start.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 1,107 in January 2026, a 28.7 per cent decrease from the 1,552 sales recorded in January 2025. This was 30.9 per cent below the 10-year seasonal average (1,602).

There were 5,157 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2026. This represents a 7.3 per cent decrease compared to the 5,566 properties listed in January 2025. This was 19.4 per cent above the 10-year seasonal average (4,318).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 12,628, a 9.9 per cent increase compared to January 2025 (11,494). This is 38 per cent above the 10-year seasonal average (9,153).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for January 2026 is 9.1 per cent. By property type, the ratio is 6.7 per cent for detached homes, 11.1 per cent for attached, and 10.3 per cent for apartments.

GVR Stats Package for January 2026

Fraser Valley home prices back to pandemic-era levels under weight of economic headwinds and sustained inventory

Mon, 09 Feb 2026 23:04:40 GMT

SURREY, BC – Home prices in the Fraser Valley fell for the tenth consecutive month in January, pushing the Benchmark price below $900,000 for the first time since spring 2021.

The Benchmark price for a typical home in the Fraser Valley dropped one per cent in January to $897,200, down 6.9 per cent year-over-year. The continued softening of prices wasn’t enough to get buyers off the sidelines, as the Fraser Valley Real Estate Board recorded 619 sales on its Multiple Listing Service® (MLS®) in January, a 33 per cent decrease from December, and 24 per cent below sales from the same month last year. New listings increased 128 per cent in January to 3,078, reflecting the typical seasonal patterns; however, activity remained 10 per cent below last year’s levels.

Overall inventory remains above seasonal norms for the Fraser Valley, with 7,711 active listings, up 11 per cent from December and 54 per cent above the 10-year seasonal average.

The Fraser Valley remains firmly in a buyer’s market, with an overall sales-to-active listings ratio of eight per cent in January, down five per cent from December. A balanced market is typically defined by a ratio between 12 and 20 per cent.

Across the Fraser Valley in January, the average number of days to sell a single-family detached home was 55 days, while for a condo it was 53 days. Townhomes took, on average, 50 days to sell.

FVREB Stats Package for January 2026

Building Client Confidence Through Collaboration #593

Mon, 09 Feb 2026 22:57:12 GMT

REALTORS® play a central role in guiding their clients through the twists and turns of real estate transactions, but they are rarely a solo act. Rather they are a part of a larger cast of professionals who work together to ensure their clients’ success in those transactions.

When acting for buyers, REALTORS® are expected to help clients find the property to be purchased, advise them on the appropriate price for the property, help negotiate the price and terms of the purchase transaction, present their offers to the sellers, and at times handle deposit funds paid by their clients.1

When acting for sellers, REALTORS® are expected to help clients advertise and show their property. They could also find buyers, advise on the appropriate sale price, present any offers received, and negotiate the price and terms of the sale transaction.2

Some transactions may appear to be run-of-the-mill, while others may raise unusual questions, whether as a result of client particularities, questions from other parties to the transaction, unusual contractual clauses, or unusual features of a property.

Regardless of the kind of transaction, REALTORS® are expected to spot issues that may require the input of other professionals. They are also required to recommend that their clients engage those professionals, and to work cooperatively with them in a team-based approach to client service. These duties are all contained within the general duty of a REALTOR® to “act with reasonable care and skill.”3

Spotting issues that may fall outside a REALTOR®’s area of expertise demonstrates professionalism and provides value to their clients.

In a recent BC case, the real estate agent’s failure to recommend legal advice to his seller client was found to constitute a breach of the standard of care expected of him.4 The property in the case was an unusual type of strata property, which would have required a complex process to amend the strata plan in order to permit the development of a new home up to the maximum floor area permitted by the city’s zoning bylaws. The Court found there were sufficient red flags for the agent to doubt the information provided by the seller about the property, and that the agent should have recognized the limits of their own expertise and proactively recommended that their clients obtain legal advice (early on in the agency relationship).5

There are many types of professionals a REALTOR® may need to suggest their client consults in the course of a real estate transaction. Some of these are home inspectors, contractors, appraisers, lawyers, accountants, tax advisors, environmental consultants, archaeological consultants, or even other REALTORS® who may be more familiar with a particular geographical area or type of property.

For example, a REALTOR® asked to list a property for a married couple, where one spouse has moved into long-term care, may refer the clients to a lawyer before even taking the listing. This is to ensure that the clients are both competent enough to give instructions, and / or that appropriate documents are prepared to enable the other spouse to sell the property.

A REALTOR® assisting a buyer in purchasing a development property that has an easement, right-of-way, or covenant registered on title may refer the buyer to a lawyer to ensure that the buyer understands the impact of those title charges on their plans for the property.

The REALTOR® may also consider whether the buyer would benefit from obtaining a property survey, if one is not already available from the seller, and from retaining an architect or development consultant familiar with any local planning regulations that might apply. It’s best if this is done early on in the transaction.

When dealing with a property that may have structural or safety concerns, whether disclosed by the seller in a Material Latent Defect form, Property Disclosure Statement, or discovered by a home inspector during the home inspection, a REALTOR® may consider referring their buyer to a contractor, engineer, or other professional to ensure the scope of the concerns is understood before proceeding with the purchase. The same applies to more unusual property types, such as leasehold properties, time-shares, or commercial properties, as well as unusual purchase structures like share purchases, joint ventures, or partnerships, which may lead to potential issues. In these cases, clients will benefit from timely advice from professionals such as lawyers, accountants, or tax advisors.

REALTORS® should recommend legal advice immediately in transactions that appear to be collapsing, or where there is uncertainty about whether the Contract of Purchase and Sale is still “alive.” In another recent BC case, a real estate agent was found negligent for not recommending that her buyer clients seek legal advice immediately when they instructed her to collapse the contract unilaterally. The Court commented that a reasonable REALTOR®, upon receipt of such instructions, should have provided basic advice about the impact of that decision on the buyers’ legal rights (such as the forfeiture of the deposit, and perhaps additional damages), and should have told them to immediately seek independent legal advice.6

It is important that REALTORS® encourage their clients to consult the appropriate professionals and that clients have sufficient time and opportunity to find the right professionals for their particular issues during the transaction, or even proactively, before entering into the transaction.

When referring other professionals, REALTORS® should endeavour to provide their clients with options of multiple qualified professionals with whom they have had successful past working experiences.7 REALTORS® can also provide their clients with a neutral referral service, such as a directory of professionals practicing in the area. Examples include the Lawyer Referral Service,8 or professional association directories for particular professions, such as the British Columbia Association of Professional Archaeologists,9 and more. REALTORS® may wish to make it clear that they are not personally endorsing the other professionals, and that clients should do their own due diligence.10

To minimize their own risk of liability, REALTORS® should document their referrals in writing and should refrain from directly retaining any professionals on behalf of their clients.11 It is best for the client to directly engage the professional, provide them instructions, communicate directly for advice, and negotiate payment for their services. This avoids the risk of miscommunications and any dispute over the scope of the services or over who should pay for the professional’s services.

A REALTOR®’s role in providing real estate services in a transaction is to act as a trusted advisor for their client, coordinating many aspects of the transaction. Working collegially with a client’s other professional advisors will reduce risk, enhance client trust, and produce better outcomes for the client.

Property Disclosure and Non-Disclosure: What Every REALTOR® Should Know #589

Fri, 10 Oct 2025 17:27:17 GMT

The new Property Disclosure Statement (PDS) and Property No-Disclosure Statement (PNDS) represent a fundamental change to the day-to-day practice of residential real estate disclosure in British Columbia. The new disclosure forms, released by BCREA in response to the BC Court of Appeal decision in Sewell v. Abadian,1 recognize the change in the approach of the court. This article reviews the recent changes and the new forms. It also discusses ways to educate buyers and sellers of residential real estate on the use of disclosure forms.

In many real estate boards and associations across the province, the PDS is a mandatory inclusion in a brokerage’s file; however, before now, the seller was not legally required to complete a PDS. This led to a practice within the sector of submitting a crossed-out PDS or a PDS with some form of general disclaimer statement (e.g., “as-is” or “tenanted property, seller did not occupy”) where a seller wished to provide no disclosure.

This approach was supported by the court in Smith v. Reder and Carleton,2 where the seller had written “AS-IS” on the PDS. The Court applied the ordinary rule of caveat emptor or buyer beware, finding that the buyer was responsible for doing her own due diligence in that situation, and there was no further duty on the seller to disclose.

This approach began to change in other Canadian jurisdictions, finding that “…where there is no PDS prepared, a prudent purchaser would be expected to contract for a more thorough home inspection if the buyer wished to avoid future costly surprises. Where a PDS has been prepared, however, the buyer should be able to rely on the truthfulness and accuracy of the representations in the PDS in deciding the extent to which a contractor will be instructed to conduct a home inspection.”3

Where sellers completed the PDS (or similar disclosure documents) in other Canadian jurisdictions, those sellers were required to provide disclosure that was honest and complete. This requirement has always applied in British Columbia as well; however, recent case law, including Smith4 and Sewell,5 has emphasized a broader duty of forthrightness in disclosure.6

In Sewell v. Abadian,7 the BC Supreme Court, following historical precedent, initially found in favour of the seller who had struck a line through the PDS and wrote in the comments, “Tenanted Property, Owner has never occupied.” The Court denied the recovery of a deposit to the buyer who claimed the seller had misrepresented an unpermitted addition.

The buyer appealed, and despite the seller’s apparent intent not to make any representations, the BC Court of Appeal interpreted the strike-out form differently.8 The court held that it constituted a representation that the seller had no knowledge regarding the items in the form, and that if the seller did, in fact, possess any such knowledge, this would amount to a misrepresentation by the seller.

The key points of the BC Court of Appeal regarding the completion of the PDS in this case are as follows:

the seller knew the importance of filling out a disclosure statement accurately;
the seller knew that a disclosure statement he had received from a prior owner of the property disclosed the unpermitted addition;
the seller had a choice of not providing a disclosure statement and saying nothing, but instead chose to provide one and to agree that it would be incorporated into the contract;
the disclosure form specifically stated that the seller was responsible for the accuracy of the answers, and where uncertain, should reply "do not know";
the disclosure statement also stated that the information provided was true, based on the seller's current actual knowledge, and that any important changes to this information made known to the seller would be disclosed prior to closing; and
the additional comments, "tenanted property" and "owner has never occupied," were not responsive to the questions on the form asking for information about the property.

The Court of Appeal made it clear that the sector practice of crossing out a PDS with a disclaimer statement was problematic, and this practice did not eliminate the risk of confusion and misrepresentation.

Another interesting observation of the Court of Appeal’s findings in Sewell v. Abadian9 is that the contract’s instruction page appeared to influence how a court interpreted the rights and responsibilities of a party to that contract, in the absence of contractual terms to the contrary.

In response to the change in law, BCREA has released a revised PDS and PNDS to assist sellers in making timely and accurate disclosure.

Use of the Property Disclosure Statement

REALTORS® should encourage forthright and honest disclosure by sellers, as this is the best way to mitigate risks for all parties. Additionally, they should provide the PDS to their sellers to complete and then review the completed form with them. REALTORS® are strongly cautioned to refrain from completing the PDS for clients or making selections for electronic signature on a PDS form in advance of written client instructions.

When providing the PDS to sellers for completion, the following key points should be communicated clearly to the client:

the completion of a PDS is optional, but disclosure does assist the transaction process;
in the event you choose to complete the PDS, please fill it out completely, honestly, and be fully transparent based on your current knowledge;
the PDS will likely be incorporated into the contract and relied upon by the buyer even if the buyer does their own inspection;
a misrepresentation (including a partial, incomplete or non-response) may result in liability;
where there are changes to the property that affect the information in the disclosure, please let your REALTOR® know, as they may need to update the PDS; and
if the client is worried about the legal risks of disclosure or no-disclosure, they should seek legal advice prior to entering into any Contract of Purchase and Sale (CPS).

REALTORS® acting for sellers should review the completed PDS form with their client after they have viewed the property, obtained the city file from the relevant municipality (which may include permits, building plans and any recorded bylaw infractions held by the local government authority), and reviewed an initial title search. The REALTOR® should ask whether the representations made by the seller match their understanding of the property based on the REALTOR®’s own initial due diligence.

Where a potential misrepresentation has been identified (e.g., the seller says “no” to 3Q Unauthorized Accommodation, but the REALTOR® is aware there is an unpermitted suite from the city file), then the REALTOR® needs to make further inquiries, seek the advice of their managing broker, and ultimately bring the issue to the attention of their client. If the client’s non-disclosure relates to a material latent defect, REALTORS® must advise the seller that they are obligated under Section 59 of the Real Estate Services Rules10 to disclose the defect to the buyer or the buyer’s agent. If the seller refuses to permit this disclosure, the REALTOR® must decline to provide trading services and cease acting for the client.

Use of the Property No-Disclosure Statement

The PNDS is a very simple disclosure consisting of only two concise statements:

“In lieu of a detailed Property Disclosure Statement, the Seller is not making any representations or warranties about the Property. The Seller is aware of their obligation to disclose any known latent defects.”

The approach is clearly a response to the court expanding the parties’ obligations to the form instructions and is meant to clearly elect to make “no disclosure.”

There will be situations where sellers may choose not to complete a PDS, including estate sales, tenant properties under third-party management, or foreclosures.

When providing the PNDS to sellers for completion, the following key points should be communicated clearly to the client:

Completion of a PNDS may make some buyers suspicious of potential issues. While this may delay or hinder a transaction, it will also alert the buyer to undertake their own due diligence process.
Completion of a PNDS does not excuse you from disclosing any latent defects with respect to the property, meaning any defect that is not discoverable by reasonable inspection and renders the property dangerous or uninhabitable. In addition, your REALTOR® is required to further disclose all material latent defects. This is a broader definition and includes defects which render the property dangerous, uninhabitable, unfit for its purpose, or where there is a bylaw or other notice of non-compliance or a lack of permits. For more information, see the BC Financial Services Authority information page on Material Latent Defects.11
Failure to lawfully disclose carries legal risk. If the client is worried about the legal risks of disclosure or non-disclosure, they should seek legal advice prior to entering into any CPS.

A final takeaway that cannot be overlooked from the court’s decision in Sewell v. Abadian12 is the weight placed on the instructions attached to the PDS. It can be expected that courts will continue to look to the form instructions when interpreting not only the PDS but also the other forms used by REALTORS®. A prudent REALTOR® will ensure that these instructions from the CPS, PDS, and other forms are reviewed with clients as part of their client education process, and such conversations are recorded in their file as part of their record-keeping process.

Fall market favours buyers

Fri, 10 Oct 2025 17:26:23 GMT

VANCOUVER, B.C. – October 2, 2025 – Another Bank of Canada rate cut and easing prices helped home sales registered on the MLS® in Metro Vancouver* edge higher relative to September last year.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 1,875 in September 2025, a 1.2 per cent increase from the 1,852 sales recorded in September 2024. This was 20.1 per cent below the 10-year seasonal average (2,348).

There were 6,527 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2025. This represents a 6.2 per cent increase compared to the 6,144 properties listed in September 2024. This was 20.1 per cent above the 10-year seasonal average (5,434).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 17,079, a 14.4 per cent increase compared to September 2024 (14,932). This is 36.1 per cent above the 10-year seasonal average (12,553).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for September 2025 is 11.3 per cent. By property type, the ratio is 8.5 per cent for detached homes, 12.7 per cent for attached, and 13.3 per cent for apartments.

GVR Stats Package for September 2025

Sustained elevated inventories soften Fraser Valley home prices further, spurring bump in sales

Fri, 10 Oct 2025 17:25:31 GMT

SURREY, BC – Home prices in the Fraser Valley continued their downward trend in September, marking the sixth straight month of declines, amid high inventory.

The Benchmark price for a typical home in the Fraser Valley dropped one per cent in September to $926,300, down 5.4 per cent year-over-year. The continued softening of prices may be encouraging some buyers back into the market, as the Fraser Valley Real Estate Board recorded 962 sales on its Multiple Listing Service® (MLS®) in September, an increase of three per cent over August. September sales were down two per cent year-over-year and 28 per cent below the 10-year average.

After sitting out for part of the summer, sellers reemerged in September, with new listings up 23 per cent month-over-month to 3,447; up three per cent year-over-year. Overall inventory remains at decade-high levels, with 10,583 active listings, up one per cent from August and up 17 per cent from September 2024.

The Fraser Valley remains entrenched in a buyer’s market with an overall sales-to-active listings ratio of nine per cent in September. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.

Across the Fraser Valley in September, the average number of days to sell a single-family detached home was 37 days; while for a townhome it was 38 days. Condos took, on average, 39 days to sell.

FVREB Stats Package for September 2025

FINTRAC Form Revision Dates: October 1, 2025

Fri, 10 Oct 2025 17:24:31 GMT

Beneficial Ownership Record
Corporation Entity Identification Information Record
Individual Identification Information Record

If you have printouts or saved copies of these forms on your computer, they will need to be updated to the most recent version dated.

IMPORTANT: If some of your active transaction kits include the old FINTRAC forms, after Oct 1st, you’ll have to manually update those transaction kits with the new FINTRAC forms.

Strengthening professionalism through PDP changes coming in 2026

Fri, 29 Aug 2025 22:08:21 GMT

Beginning January 1, 2026, all BC REALTORS® will be required to complete 21 Professional Development Program (PDP) hours when renewing their membership – an increase from the current 18 hours.

This change comes directly from member feedback. Through surveys, listening tours, and focus groups, you told us you wanted stronger educational standards to support REALTOR® professionalism.

The three additional hours can be completed through either accredited or self-directed learning. That means you’ll have the flexibility to meet the updated standard through courses, workshops, or activities that best suit your practice.

Supporting you with resources

To make compliance as simple as possible, we’re expanding access to free and self-paced learning options, including through UBC and the GVR Learning Hub.

We’ll also be rolling out reminders, tools, and resources to help you track your hours and plan ahead for your 2026 renewal.

Why this change matters

This increase is part of a profession-led initiative that began with the Professionalism White Paper we published in 2023. Together, we’re taking another step to raise the bar in real estate practice.

For brokers, this change also creates an opportunity to recognize in-house training as self-directed PDP, helping you support your teams while meeting the updated standard.

What’s next

If your membership renewal falls in the first half of 2026, we’ll be reaching out directly with reminders and links to free and self-paced courses.

Watch your inbox and visit the member portal for FAQs, a refreshed infographic on PDP requirements, and updates on how to log and track your hours.

Spring market brings abundance of opportunity for buyers

Fri, 16 May 2025 19:31:11 GMT

VANCOUVER, BC – May 2, 2025 – The slowdown in home sales registered on the Multiple Listing Service® (MLS®) in Metro Vancouver* that began early this year continued in April, with sales down nearly 24 per cent year-over-year.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,163 in April 2025, a 23.6 per cent decrease from the 2,831 sales recorded in April 2024. This was 28.2 per cent below the 10-year seasonal average (3,014).

There were 6,850 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in April 2025. This represents a 3.4 per cent decrease compared to the 7,092 properties listed in April 2024 and was 19.5 per cent above the 10-year seasonal average (5,731) for the month.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 16,207, a 29.7 per cent increase compared to April 2024 (12,491). This is 47.6 per cent above the 10-year seasonal average (10,979).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for April 2025 is 13.8 per cent. By property type, the ratio is 9.9 per cent for detached homes, 17.5 per cent for attached, and 15.7 per cent for apartments.

GVR Stats Package for April 2025

Abundant listings and stable prices not enough to drive April sales in the Fraser Valley

Fri, 16 May 2025 19:29:32 GMT

SURREY, BC – Home buyers in the Fraser Valley are enjoying a selection of homes for sale not seen in more than a decade. The growing inventory of more than 10,000 active listings means, in many cases, that buyers have time, selection and price negotiation on their side.

However, despite the abundance of listings and potential buying opportunities, spring sales remain sluggish. The Fraser Valley Real Estate Board recorded 1,043 sales on its Multiple Listing Service® (MLS®) in April, up one per cent from March and down 29 per cent year over year. New listings declined slightly in April, down one per cent from March.

The overall sales-to-active listings ratio indicates a buyer’s market in the Fraser Valley, with a ratio of 10 per cent. The market is considered to be balanced when the ratio is between 12 per cent and 20 per cent.

Across the Fraser Valley in April, the average number of days to sell a single-family detached home was 32, while for both townhomes and condos it was slightly lower at 29 days.

FVREB Stats Package for April 2025

Brunch & Learn | PKWY 2 – SURREY - 1 SELF-DIRECTED PDP CREDIT HOUR

Thu, 01 May 2025 22:25:00 GMT

Speaker: Iven Tse, Lawyer “ASSIGNMENT SALES – WHAT YOU NEED TO KNOW”

DATE: MONDAY, MAY 5, 2025

TIME: 11:00AM – 12:30PM (BRUNCH WITH PRIZE DRAW)

LOCATION: 10460 CITY PARKWAY, SURREY

Fundraiser for the Family of Richard Le

Thu, 01 May 2025 22:21:42 GMT

Dear Colleagues and Fellow Realtors,

It is with profound sadness that we share the tragic and unexpected passing of our colleague and fellow realtor, Richard Le. Richard, his wife, and daughter were victims of a senseless act of violence while attending the Lapu Lapu Festival on April 26. This devastating loss has deeply affected us all, and our thoughts and heartfelt condolences go out to his family and loved ones during this incredibly difficult time.

Richard was a cherished member of our team—respected for his professionalism, dedication, and the warmth he brought to every interaction. He left a lasting impact not only through his work but also through the genuine relationships he built with so many of us.

In support of his family, we will be making a donation to his 16-year-old son, Andy Le, the sole survivor of this tragedy.

If you would like to contribute, please complete the attached pledge form to have the amount charged to your expense account. Our agent representative will present the donation to Richard’s family next week.

If you have any questions, please reach out to your Managing Broker or to Sing Yeo, Senior Vice President, for assistance.

https://docs.google.com/forms/d/e/1FAIpQLSc796hWFWNT9fYeFlN6R1DeH2JZgYHgNwB5fN5wWKv38z5IMQ/viewform?usp=sharing

With deepest sympathy,
Royal Pacific Management Team

Royal Pacific Realty Group Statement from the Office of the President

Thu, 01 May 2025 22:20:45 GMT

January 2025 Standard Forms Release: Updated Tenant Occupied Property - Buyer’s Notice to Seller for Vacant Possession Form

Mon, 03 Feb 2025 22:49:35 GMT

The implementation of Bill 14 introduced updates for buyers and sellers of tenanted properties under the Residential Tenancy Act. These changes affect how and when notice can be served to obtain vacant possession of a property and impose stricter penalties for non-compliance or bad-faith evictions.

To increase awareness about these changes, an information page has been added to the Tenant Occupied Property – Buyer's Notice to Seller for Vacant Possession form. This page outlines the updated requirements for requesting vacant possession, the personal information needed to generate notices, and the potential legal and financial penalties for non-compliance.

The addition of this new information sheet ensures that the form aligns with important considerations pertaining to the Residential Tenancy Branch's changes to its portal, which are now in effect as of Wednesday, January 22, 2025.

The updated form includes a new information sheet and is now available on WEBForms and the Royal Pacific Intranet.

Tenant Occupied Property – Buyer’s Notice to Seller for Vacant Possession

Legally Speaking #580 | Past Due: Expired Offers, Expired Contracts, and What to Do With Them

Mon, 03 Feb 2025 22:48:00 GMT

Real estate transactions often happen in a hurry. Many clients and REALTORS® also have busy lives and practices, and a number of things to keep track of. However, the legal principles of contract interpretation do not cut the parties or their agents any slack when complying with due dates in a contract. Depending on the type of obligation that is due, when these dates are missed, you can end up with an expired deal on your hands. While offers can be revived in some cases, contracts cannot. Even where revival is possible, there are pitfalls and consequences to be aware of and avoid.

Reviving an Expired Offer

An offer expires when an offer or counter-offer is not accepted by the specified acceptance date and time. There is no obligation on another party to accept an offer, but if they fail to do so by the required time, the offer can no longer be accepted.

Offers can technically be "revived" in that they can be made again on identical substantive terms by changing the time and date for acceptance to sometime in the future. However, this can be risky because it is not as simple as changing some dates; all terms need to be reviewed again to make sure they work on the new proposed timeline. Depending on the circumstances, the expired offer may include terms that do not make sense anymore or are not appropriate given the passage of time. The longer the gap between an offer's expiry and its revival, the higher the chances that at least some terms will need to change.

For example, reviving an offer may require adjusting other dates in the contract, such as subject removal dates or completion, possession, and adjustment dates. There may also be an opportunity for a buyer to do some of the due diligence initially included as subject conditions in the expired offer. Completing this step before re-making the offer can make it more attractive to the seller(s) and increase the likelihood of acceptance. Finally, if an offer has expired for a significant amount of time, the Contract of Purchase and Sale may have been updated in the interim. In such cases, the REALTOR® should use the most current version of the form when preparing an offer.

Starting a fresh offer, while preferable in most cases, is not without risk either. REALTORS® should ensure that all terms that their clients still want to include and that still make sense, are accurately carried over in the new offer. Extra caution is needed to ensure that nothing is inadvertently changed when entering information into the fresh offer form.

It is almost certain that any required information regarding the Home Buyer Rescission Period in an offer will have to be amended when an offer is revived, unless it simply needs to be extended by a few hours.

Expired Offer vs. Expired Contract

There is a difference between an expired offer, which is where an offer or counter-offer was not accepted by the specified acceptance date and time, and an expired contract, which is where a contract with subject conditions was entered into but one or more of the subjects were not removed by the specified subject removal date. Both documents are of no further force and effect. However, reviving an offer is possible, whereas reviving a contract is not.

Once a contract expires, the parties have an opportunity, but not an obligation, to enter into a new contract on identical substantive terms. One or more parties can also decide that they no longer want to agree to the previously settled terms and can either try to negotiate some changes or walk away from the deal entirely.

A contract cannot be revived by simply having one or more parties sign a subject removal addendum after the time for removing subjects has expired. It is also not advisable to attempt to revive a contract by using a simple addendum stating the parties agree with all the terms in the contract other than new subject removal dates. There are potential issues with the enforceability of such an addendum for failure to provide additional consideration, or value, for the change. It also creates a contradiction between the subject removal dates in the contract, in the addendum, and potentially other inconsistencies. Contracts that are not internally consistent can lead to serious legal interpretation problems, resulting in outcomes that your clients may not want or have not anticipated.

The best practice similar to with an expired offer, is to go through the contract term by term and carefully input them into a new contract form, making any date or sequencing amendments that need to be made as a result of the expiry. While this does not guarantee a deal will be re-made, it should avoid additional issues caused by inconsistent contract terms. If the Contract of Purchase and Sale has changed in the interim, REALTORS® should advise their clients of the changes.

Tracking Dates – A Realtor®'s Responsibility

If offers or contracts expire as a result of a REALTOR®'s failure to remind their clients of important dates requiring their attention, this can create both civil liability and regulatory issues. This risk remains even if the REALTOR® attempts to revive or re-make the offer or contract but fails to do so effectively.

REALTORS® should remind clients of all important dates in a contract or offer that requires them to act. If the client fails to take the required action, resulting in the expiry of a deal the client did not want to lose, the client may argue that the REALTOR® is at fault for failing to provide adequate warning about the deadline. While parties to a contract have an obligation to look out for their own interests and monitor important dates, it is likely that in most cases, the responsibility to track dates would be found to be shared if the matter were brought before the courts in a lawsuit for realtor® negligence or breach of contract.

There are also potential regulatory consequences for failing to advise clients of due dates and / or ineffective efforts to keep the deal alive once those dates have passed. For example, in a case decided by way of a consent order by the then Real Estate Council of BC (RECBC), a REALTOR® attempted to revive a contract after the subject removal period had expired. This was done by way of an addendum acknowledging that the subject removal date was missed but saying that all parties agreed that the contract was to continue. The REALTOR®, acting as an authorized dual agent, was disciplined, in part, for:

a) failing to act in the best interests of their client and to disclose all material information, as currently required by Rule 30 of the Real Estate Services Rules (the "Rules"), by not having advised their seller client that the buyer had missed the subject removal date; and

b) failing to exercise reasonable care and skill, as currently required under Rule 34 of the Rules, when they attempted to revive the contract by way of an addendum, since contracts cannot be revived.

Luckily, the transaction in that case ultimately closed without any damages suffered by the clients. However, the REALTOR® was sanctioned by RECBC for their actions.

As this article has hopefully highlighted, the easiest way to avoid revival issues is to simply not miss any contract deadlines. However, if it happens, REALTORS® should make sure they are taking the right steps to try to get the deal back on track, and to take great care as they do so.

Property assessments see minimal increases for 2025

Mon, 03 Feb 2025 22:46:36 GMT

Property owners receive their 2025 assessment notices the first week of January, an assessment which reflects the market value as of July 1, 2024.

"Across the Lower Mainland and throughout BC, the overall housing market has generally stabilized in value for a second consecutive year," said BC Assessment (BCA) Assessor Bryan Murao. "Most homeowners can expect only modest assessment changes in the range of -5% to +5%."

For detached homes in the Greater Vancouver area, Burnaby and Pemberton tied with a four per cent increase. Other increases ranged from zero to three per cent.

For strata homes, the highest increase was two per cent in Port Coquitlam, Port Moody, and Delta. Following with an increase of one per cent was Coquitlam, the District of North Vancouver, Squamish, and Richmond.

For detached homes, the biggest drop was in Surrey which saw a three per cent decrease, followed by Pitt Meadows, with a two per cent decrease. Langley and Surrey stratas declined two per cent, while Vancouver and West Vancouver stratas declined one per cent.

For new construction or substantially renovated homes, the estimate is based on the physical condition as of October 31, 2024.

Viewing the assessment notice

Property owners can also see a property’s assessment using the address on BCA’s website.

Details include a photo, a property description (land and buildings), the total assessed value, the previous year’s value, the legal description and property ID.

If property details are incorrect, property owners are directed to complete and submit an Data Validation Form.

Property owners can also compare neighbouring properties and sample sold properties to decide whether their property has been correctly assessed.

Deadline to appeal assessment is January 31, 2025

Property owners who disagree with their assessment should do homework by:

comparing their assessment with neighbouring properties; and
contacting BCA at 1-866-825-8322, talking with staff who can make adjustments if there’s an obvious error, for example if BCA included a complete renovation when there was only a spruce-up or an upgrade for plumbing or electrical.

Property owners who decide to appeal their property assessment should review information on the Property Assessment Appeal Board website on how to prepare for an appeal.

Each year less than one per cent of BC property owners appeal their assessments.

Note: you can’t appeal your taxes. You can only appeal your assessment.

For information about BC Assessment and to access e-valueBC visit: www.bcassessment.ca or phone 1‑866-825-8322.

Sample property value changes year-over-year, by neighbourhood

Location	2024 Typical Assessed Value as of July 1, 2023	2025 Typical Assessed Value as of July 1, 2024	% Change
Anmore detached	$2,544,000	$2,575,000	+1%
Bowen Island detached	$1,365,000	$1,374,000	0%
Belcarra detached	$2,045,000	$2,074,000	+1%
Burnaby detached	$1,973,000	$2,044,000	+4%
Burnaby strata	$731,000	$732,000	0%
Coquitlam detached	$1,722,000	$1,738,000	+1%
Coquitlam strata	$720,000	$727,000	+1%
Delta (incl Ladner / Tsawwassen) detached	$1,406,000	$1,410,000	0%
Delta strata	$747,000	$759,000	+2%
Gibsons detached	$939,000	$963,000	+2%
Maple Ridge detached	$1,226,000	$1,223,000	0%
Maple Ridge strata	$658,000	$655,000	0%
New Westminster detached	$1,567,000	$1,590,000	+1%
New Westminster strata	$645,000	$644,000	0%
North Vancouver City detached	$1,988,000	$1,990,000	0%
North Vancouver City strata	$836,000	$839,000	0%
North Vancouver District detached	$2,087,000	$2,124,000	+2%
North Vancouver District strata	$945,000	$940,000	+1%
Pemberton detached	$1,340,000	$1,390,000	+4%
Pitt Meadows detached	$1,305,000	$1,285,000	-2%
Port Coquitlam detached	$1,391,000	$1,416,000	+2%
Port Coquitlam strata	$669,000	$680,000	+3%
Port Moody detached	$1,842,000	$1,851,000	+1%
Port Moody strata	$826,000	$841,000	+2%
Richmond detached	$1,874,000	$1,890,000	+1%
Richmond strata	$779,000	$784,000	+1%
Sechelt detached	$884,000	$885,000	0%
Squamish detached	$1,475,000	$1,483,000	+1%
Squamish strata	$830,000	$833,000	+1%
Vancouver detached	$2,209,000	$2,206,000	0%
Vancouver strata	$807,000	$798,000	-1%
West Vancouver detached	$3,050,000	$3,052,000	0%
West Vancouver strata	$1,407,000	$1,388,000	-1%
Whistler detached	$2,842,000	$2,821,000	-1%
Whistler strata	$1,349,000	$1,344,000	0%

Source: BC Assessment

Did you know?

BCA is a provincial Crown corporation, since 1974 responsible for determining and reporting property value estimates.
Number of properties assessed province-wide: 2,207,009, an almost increase of one per cent from 2023.
Total value of the 2025 roll is $2.83 trillion, an increase of just over per cent from 2023.
Total value of new construction, subdivisions and rezoning: $38.3 billion, a decrease of over three per cent from the 2024 Roll of $39.6 billion.
For the Lower Mainland region, total assessments generally remained flat from about $2 trillion in 2024, to $2.01 trillion this year.
Almost $27.2 billion of the region's updated assessments is from new construction, subdivisions and the rezoning of properties.

Property tax

Property taxation is set by local and provincial taxing authorities after determining their budget needs and calculating property tax rates based on the assessment roll for their jurisdiction.

Municipalities determine tax rates for each property class in the spring, once the assessment roll is finalized. Changes in assessment over the year don’t automatically translate into the same percentage changes in property taxes for any particular class of property or for any individual property.

Questions?

Contact BC Assessment

More info

Learn more about Lower Mainland assessments

Learn about province-wide assessments

What REALTORS® need to know about the BC Home Flipping Tax

Tue, 19 Nov 2024 22:56:52 GMT

By Jennifer Lynch, VP, Professional Services

If you're working with buyers considering purchasing a property for the short-term or sellers looking to sell within the first 730 days of ownership, there's an important new tax you need to know about. Starting January 1, 2025, the BC Home Flipping Tax will apply to certain property transactions, and as a REALTOR®, it's important to understand how it could impact your clients' decisions. Here's a quick breakdown of what you need to know.

The BC Home Flipping Tax applies to income from selling or assigning a property within the first two years (730 days) of ownership. This includes properties bought before January 1, 2025, if they are sold on or after that date and owned for less than two years, unless the property is exempt.

This new tax is separate from the federal property flipping tax and is calculated independently of federal or provincial income tax systems.

Overview of Key Points for REALTORS®

1. Taxable Transactions
The BC Home Flipping Tax generally applies to income earned from the sale of:

Properties with a housing unit. Properties zoned for residential use.
The right to acquire the above properties, such as the assignment of a purchase contract for a pre-build condo building

2. Tax Rates and Ownership Periods

Properties sold within 365 days are subject to a 20 per cent tax on the profit earned.
The tax rate decreases gradually until the 730-day mark, at which point the tax no longer applies.

3. Exemptions

Certain exemptions may apply under the BC Home Flipping Tax. 
Exemptions may either apply automatically or require filing a BC Home Flipping Tax return, depending on the specific exemption.
Sellers must file a return within 90 days of the sale, if they are subject to the tax or if they are claiming exemptions that require filing.
Details are available here.

How REALTORS® Can Support Clients

REALTORS® play an important role in raising awareness and empowering clients to make informed decisions. Here are some ways REALTORS® can effectively support consumers:

Be aware of the BC Home Flipping Tax and its potential impact on transactions.
If clients are considering purchasing a property for short-term holding or selling a property within two years of purchase, encourage them to consult with a tax professional. This will help them understand how applicable taxes may affect their specific transaction.
Provide links to official resources, such as the BC Home Flipping Tax page on the BC Government website for accurate and up-to-date information.

Staying Proactive in Your Role

The introduction of the BC Home Flipping Tax highlights the importance of staying informed about regulatory changes and the potential impacts on clients.

While REALTORS® should not provide tax or legal advice, they can direct clients to official BC Government resources for up-to-date information here. To help clients fully understand their obligations and explore any potential exemptions, REALTORS® should also recommend consulting qualified tax and legal professionals.

By keeping up to date on regulations, REALTORS® add significant value by equipping clients with the knowledge and resources they need to navigate complex real estate matters and achieve their goals.

2024 Staff Appreciation Fund Campaign

Tue, 19 Nov 2024 22:54:44 GMT

Each year the REALTORS® of Royal Pacific Realty do a Christmas campaign to show appreciation for our support staff. Contributions can be made until January 31, 2025.

Click the following link to fill out and submit the online form:

2024 RP Staff Appreciation Fund Campaign

Forms are also available at your Royal Pacific Realty office.

Thank you for your participation!

KIKI ON DUKE - REALTOR/CLIENT EVENT - 10 PRIZE DRAWS (cash/gift card)

Fri, 11 Oct 2024 23:29:59 GMT

DATE: Saturday Oct 12, 2024

TIME: 11:30pm- 2:30pm (12pm light refreshments/prize draw)

LOCATION: 2695 Duke Street

BRING BUSINESS CARD FOR PRIZE DRAW

COMMISSION: Flat 1.5% + $5,000 bonus (offer up to Oct 26)

It's time to know FRANK | RSVP link attached

Fri, 11 Oct 2024 23:28:42 GMT

Kindly click to RSVP

GVR is now proactively auditing listings to ensure accurate MLS® data

Fri, 11 Oct 2024 23:26:52 GMT

As part of our ongoing commitment to elevating professionalism and maintaining the integrity of our MLS® system, Greater Vancouver REALTORS’® (GVR) MLS® team is now proactively auditing MLS® listings.

Our aim is to reduce member frustration and increase MLS® data accuracy.

What you need to know

GVR’s MLS® team will conduct audits to verify that listings meet the standards set by the Rules of Cooperation, starting with ensuring all necessary documents and pictures are uploaded within 24 hours.

As we refine this process, we’ll expand the scope of our audits to address other issues such as missing data, incorrectly completed fields, and violations in remarks.

Action required

If you receive an audit email, you’re required to respond and resolve the issue within 24 hours. If you don’t respond, we’ll “cancel protect” your listing, meaning it won’t be visible until its expiry date, or the issue is resolved.

Why are we doing this?

When surveyed, most common complaints among members revolve around incomplete or inaccurate information on MLS® listings.

The MLS® system is a critical tool for Comparative Market Analyses (CMAs) and for generating accurate industry statistics.

And it’s not just members who are affected.

When listings are posted with missing, inaccurate, or incomplete information, like incorrect square footage or missing strata documents, it undermines public trust in our profession and the value of the MLS®.

We believe that by proactively addressing these issues, we can uphold high standards and maintain the reliability of the MLS® as a resource for professionals and the public.

What can you do?

Meet your obligations: Ensure all your listings comply with MLS® rules. Complete data fields, upload required documents, and double check the accuracy of the information you provide.
Use the corrections button: If you notice rule violations in other listings, please continue to notify us by using the corrections button. Your vigilance helps maintain the system’s integrity.
Respond promptly to audit requests: If you receive an audit notification, make it a priority to resolve the issue and communicate with our staff within 24 hours.

A commitment to data quality

GVR is committed to improving data quality across the board. We’re allocating more resources to monitor and ensure that all MLS® listings meet the highest standards.

Section 3.06 of the Rules of Cooperation clearly states, "It is the responsibility of every member to provide clear, accurate, and factual information regarding any listing."

This is a responsibility we all share, and we cannot achieve success without your cooperation.

By working together, we can create a stronger, more reliable MLS® system and continue to enhance the professionalism of our industry.

Thank you for your ongoing support and dedication to maintaining the high standards that benefit us all.

BCREA updating Standard Forms on Nov 12: What you need to know

Fri, 11 Oct 2024 23:25:33 GMT

The BC Real Estate Association (BCREA) is updating many of their Standard Forms on November 12 to better reflect current practices and requirements.

One critical change REALTORS® should note is the update to the Contract of Purchase and Sale - Residential that will now include GST in the purchase price, if it's applicable.

Updated forms include:

Buyer Acknowledgement of Advice, Rights, and Benefits
Contract of Purchase and Sale for Business Assets Including Real Property
Contract of Purchase and Sale of a Leasehold Interest in First Nations Reserve Lands (Third Party Approval Not Required)
Contract of Purchase and Sale of a Leasehold Interest in First Nations Reserve Lands (Third Party Approval Required)
Contract of Purchase and Sale of a Manufactured Home on a Rental Site
Contract of Purchase and Sale – Residential
Offer to Lease (Commercial)
Offer to Lease Addendum / Amendment
Privacy Notice and Consent Form

These new forms will be available on WEBForms on November 12.

What’s changing?

Here’s a quick overview of what’s changing:

Buyer Acknowledgement of Advice, Rights, and Benefits

The Buyer’s Acknowledgement of Information – Recommended Conditions form will be renamed to Buyer Acknowledgement of Advice, Rights, and Benefits to better reflect its contents.

It'll also include new language addressing risks associated with making unconditional offers before securing financing, along with better documentation of agent-to-buyer disclosures.

Contract of Purchase and Sale for Business Assets Including Real Property

The Contract of Purchase and Sale for Business Assets form will be renamed to Contract of Purchase and Sale for Business Assets Including Real Property. It'll include a provision requiring real property trading services to use the form.

Additionally, "Section 28: GST" will be updated to include references to the Provincial Sales Tax Act, with the section now titled "Section 28: GST and PST."

Contract of Purchase and Sale of a Leasehold Interest in First Nations Reserve Lands

Updates to the Contract of Purchase and Sale of a Leasehold Interest in First Nations Reserve Lands will include the addition of a GST disclosure, removal of GST from customary costs shared by the buyer and seller, and the inclusion of default language specifying GST is included in the purchase price.

The form will also reflect a broader definition of member boards to include associations. There are two versions of this contract: one for cases where third-party approval is required and another where it's not.

Contract of Purchase and Sale of a Manufactured Home on a Rental Site

The updated form will include a GST disclosure, removal of GST from customary costs, and default language for including GST in the purchase price.

It'll also include a revised definition of member boards and a reformatted presentation of sections related to offers and acceptance.

Contract of Purchase and Sale – Residential

This form will be updated with the same revised definition of member boards, with the addition of a strengthened notice regarding the buyer’s rescission rights.

“Section 1: Purchase Price” will also be updated to include “GST” if applicable. A corresponding change (including the new “GST disclosure”) will be made to the information page.

Adding that GST is included in the “Purchase Price”, if applicable, by default is a big change that Realtors must draw to the attention of buyers and sellers. Realtors should advise buyers and sellers to obtain professional tax and accounting advice regarding how this will affect their out-of-pocket cost and net proceeds. Realtors should also advise clients that this default position can be negotiated between the parties along with other terms and conditions in the CPS. Expanding GST disclosures on the information page helps increase consumer understanding of the implications of GST and that additional professional advice may be required to determine GST applicability, which might result in added costs.

It'll also be reformatted, with clearer language and new initial boxes for the rescission notice section.

Offer to Lease (Commercial)

The Offer to Lease form will be renamed to Offer to Lease (Commercial) to better reflect its intended commercial use. It'll also specify GST as an additional cost where applicable.

Offer to Lease Addendum/Amendment

The Offer to Lease Addendum will be renamed to Offer to Lease Addendum/Amendment to reflect its dual use for both amendments and addenda.

Privacy Notice and Consent

This form will be updated to include "brokerage" in the list of entities where information may be disclosed and will also broaden the definition of member boards to include associations.

Help resources

BCREA Standard Forms Pre-Launch Package (includes detailed information on all changes)
New Standard Forms launch resources page
All BCREA Standard Forms resources
Standard Forms toolkit
Professional Development courses

Buyers remain cautious to begin the fall market

Fri, 11 Oct 2024 23:24:50 GMT

VANCOUVER, BC – October 2, 2024 – Home sales registered on the MLS® in Metro Vancouver1 declined 3.8 per cent year over year in September, suggesting recent reductions in borrowing costs are having a limited effect in spurring demand so far.

Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 1,852 in September 2024, a 3.8 per cent decrease from the 1,926 sales recorded in September 2023. This was 26 per cent below the 10-year seasonal average (2,502).

There were 6,144 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2024. This represents a 12.8 per cent increase compared to the 5,446 properties listed in September 2023. This was also 16.7 per cent above the 10-year seasonal average (5,266).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,932, a 31.2 per cent increase compared to September 2023 (11,382). This is 24.2 per cent above the 10-year seasonal average (12,027).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for September 2024 is 12.8 per cent. By property type, the ratio is 9.1 per cent for detached homes, 16.9 per cent for attached, and 14.6 per cent for apartments.

GVR Stats Package for September 2024

Sluggish sales and rising inventories see Fraser Valley moving toward a buyer’s market

Fri, 11 Oct 2024 23:23:54 GMT

SURREY, BC – With active inventories hitting levels not seen in 10 years and sales 30 per cent below the 10year average, Fraser Valley real estate is building towards a buyer’s market if sales continue to lag.

The Fraser Valley Real Estate Board recorded 982 sales in September, down by eight per cent over August and by more than 10 per cent over September 2023. Again, seasonally adjusted sales were the second slowest in a decade in the Fraser Valley.

New listings rose in September, up 21 per cent to 3,352, an increase of 17 per cent year-over-year. Overall inventory increased five per cent from August to September to 9,045, up 39 per cent over last year. The combination of declining sales and rising inventories has helped to create balanced, and in some cases, buyers’, market conditions in the Fraser Valley.

Across the Fraser Valley in September, the average number of days to sell a single-family detached home was 35, while for a condo it was 37. Townhomes took, on average, 30 days to sell.

Benchmark prices in the Fraser Valley dipped again in September, with the composite Benchmark price down 1.4 per cent to $978,800.

FVREB Stats Package for September 2024

BCREA Highlights Five Critical Housing Issues as BC Election Approaches

Fri, 11 Oct 2024 23:23:11 GMT

The writ dropped on Saturday and the lead-up to the BC election is officially underway. I’m writing to you today to outline the details of the pre-election campaign we are launching at BCREA.

As a nonpartisan association, we do not endorse one party over another. However, we take it upon ourselves to bring attention to important issues within the housing space and work to influence the public and media to ensure relevant housing questions are being asked.

You can read about our five-point election platform on the BCREA website here: 2024 Five-Pillar Election Issues.

We’re focusing on five issues of critical concern:
Issue 1: Expansion of Provincial Trades Education
Issue 2: Housing Tax Reform
Issue 3: Short-Term Rentals
Issue 4: Establishing a Permanent Housing Roundtable
Issue 5: Remaining Problems with New Notice to End Tenancy Rules

We’ll be tackling these issues in the public sphere leading up to the election with a series of targeted opinion articles in the press over the coming weeks and issuing press releases to attract media on an issue-by-issue basis.

In addition, we’re running current advertising on Global Television and CKNW Radio, which brand BCREA as a resource for public real estate information. In October, we’ll move into election messaging on multiple radio stations (CKNW 980, Rock 101.1, 99.3 CFOX, and AM730) and launch a digital media campaign.

In short, you’ll be seeing a lot of BCREA and our key election issues in the media over the coming weeks. I urge you to get involved and amplify some of this messaging on your social channels and in discussions within your community.

If you have any questions or concerns, you can reach out to me directly at thargreaves@bcrea.bc.ca.

Trevor Hargreaves
Senior VP, Policy and Research
604.742.2798

Paragon Connect is here – get started today!

Fri, 11 Oct 2024 23:21:59 GMT

Paragon Connect is here! The new mobile app that puts Paragon in the palm of your hand is now available as a free download from the Apple App and Google Play stores:

Getting started with Paragon Connect

Learn how to use Paragon Connect today by reviewing our quick start guide.

You can also review a library of video resources covering:

Webinars and office training coming this fall

Stay tuned for more training opportunities later this year, including free webinars starting in October and in-office presentations starting in November.

We’ll share more details and registration links when they’re ready.

What is Paragon Connect?

Paragon Connect offers the same experience, including all the functionality of Paragon’s desktop platform, on virtually any tablet or mobile device. It’s driven by the data in Paragon’s web servers and contains the latest Paragon data and everything you’d find on Paragon MLS®.

Manage listings, search for properties, set up Hotsheets – you can do it all!

Anything you change in Paragon Connect, will also update in the traditional Paragon system, so you can switch between platforms from the office to the road.

It also works in conjunction with the Collab Centre and all its third-party integrations. You’ll get greater insight into buyer and seller activity, for example how often seller sites are viewed, or which listings buyers like.

Questions?

Contact the Help Desk at 604-730-3020 or support@gvrealtors.ca.

Sing Yeo 大寿 Birthday Party - August 15, 2024

Fri, 23 Aug 2024 18:49:10 GMT

Thank you to everyone who attended Sing’s birthday lunch.

Photos:
https://drive.google.com/drive/folders/19RTlIQwKmrX2pgVV9dX3t6TyhOqs67Z7

Video:
https://www.youtube.com/watch?v=ozJAu8JeOo4

Cool summer market persists in Fraser Valley with second slowest July sales in a decade

Tue, 06 Aug 2024 23:17:24 GMT

SURREY, BC – Sluggish seasonally-adjusted sales and a continued rise in inventory has the Fraser Valley market slowly shifting to favour buyers.

The Fraser Valley Real Estate Board recorded 1,230 sales in July, down by seven per cent over last month and down by 26 per cent over the 10-year seasonal average.

Inventory levels in the Fraser Valley reached a 10-year seasonally adjusted high in July with active listings at 8,731, up 5 per cent over June and 41 per cent higher than July 2023.

New listings were flat in July, down by less than half a per cent from June, to 3,412. With a sales-to-active listings ratio of 14 per cent, overall market conditions are balanced. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.

Download: FVREB Stats Package (July 2024)

More selection not translating to more transactions

Tue, 06 Aug 2024 23:16:45 GMT

VANCOUVER, BC – August 2, 2024 – Newly listed properties registered on the Multiple Listing Service® (MLS®) rose nearly twenty per cent year over year in July, helping to sustain a healthy level of inventory in the Metro Vancouver housing market. On the demand side, the Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,333 in July 2024, a 5 per cent decrease from the 2,455 sales recorded in July 2023. This was 17.6 per cent below the 10-year seasonal average (2,831).

There were 5,597 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in July 2024. This represents a 20.4 per cent increase compared to the 4,649 properties listed in July 2023. This was also 12.7 per cent above the 10-year seasonal average (4,968).

The total number of properties currently listed for sale on the MLS® in Metro Vancouver is 14,326, a 39.1 per cent increase compared to July 2023 (10,301). This is also 21.5 per cent above the 10-year seasonal average (11,788).

Download: GVR Stats Package (July 2024)

BC Government Responds to Industry Feedback on Residential Tenancy Act Changes

Tue, 06 Aug 2024 23:15:50 GMT

In the immediate wake of publicly voiced concern from the BC Real Estate Association (BCREA), the BC Government has reversed course on two recent changes to the Residential Tenancy Act (RTA) as they relate to buyers of tenanted properties.

The initial changes laid out in Bill 14, which came into effect on July 18, 2024, required four months' notice – instead of the previous two months' notice – for evictions due to personal or caretaker use. The legislation also raised the dispute period from 15 days to 30 days.

Now the government is amending the regulation to lower the personal-use notice period to three months and the dispute period to 21 days for situations when a landlord gives notice to a tenant on behalf of a purchaser. These changes come into effect on August 21, 2024.

"Since the amendments came into force, government has listened to feedback from industry stakeholders that a four-month notice period could prevent first-time buyers from purchasing a tenanted property," the government said in a statement on Thursday.

The BCREA Government Relations department is proud to have been a key part of the industry response, along with partners from the Canadian Mortgage Brokers Association – BC (CMBA-BC). In open letters and a joint press release, the two organizations pointed out the flaws with lengthening both the personal-use notice period and the dispute period, including their effect on first-time homebuyers.

"We appreciate the government responding quickly to our concerns," said Trevor Hargreaves, BCREA Senior VP, Government Relations, Marketing & Communications. "This legislation caused confusion and concern amongst both REALTORS® and the public, including buyers and sellers, and we're happy to see changes made to alleviate that."

In BCREA's open letter, the organization reiterated its call for government to launch a permanent housing roundtable made up of housing policy experts and other stakeholders from across the BC housing sector, as it would have allowed for this round of feedback to be delivered before the legislation took effect.

Related links:

To read the full statement from the BC Government, click here.
To read CBC coverage of these latest developments, click here.
To read BCREA's letter to the BC Government, click here.
To read BCREA and CMBA-BC's joint press release, click here.

For more information:

If you have questions or concerns about changes to the RTA or any other policy issue, please email Trevor Hargreaves at thargreaves@bcrea.bc.ca.

August 1 Rules of Cooperation amendments FAQ

Tue, 06 Aug 2024 23:14:33 GMT

Strata Corporation Documents - including but not limited to two (2) years of strata council minutes and strata corporation minutes, registered strata corporation by-laws, financial statements, registered strata plans, information concerning special assessments, either proposed or levied, and a current Information Certificate (Form “B”).

____________

Representatives from Greater Vancouver REALTORS® (GVR), along with the Fraser Valley and Chilliwack real estate boards, have finalized a series of changes to the Rules of Cooperation, which will take effect on August 1, 2024.

Since we announced these changes, we’ve received a few questions about the new rules. To help you understand how these changes will affect your business, we’ve put together an FAQ explaining the new rules.

What changes are coming to the Rules of Cooperation?

There are seven key changes coming to the Rules of Cooperation:

All members will need to communicate with each other in a timely and effective manner.
Members are responsible for the actions of their unlicensed assistants, administrators and employees.
Members are accountable for upholding the reputation of the profession.
Brokers will have an obligation to report completion date changes.
Listings that are part of a residential land assembly are exempt from CREA’s REALTOR® Cooperation Policy that specifies that all Realtors across Canada must place their residential listings on the MLS® System within three days of public marketing.
Manufactured, modular, and park model homes must have a photograph of the CSA or BC Electrical Inspection label must be posted as an associated document to their listing.
Members must have, or order, a current Information Certificate (Form B) before they post a strata listing to the MLS®.

When will the new amendments to the Rules of Cooperation come into effect?

The changes will be effective August 1, 2024.

Why are we updating the Rules of Cooperation?

The changes are a key part of our ongoing work to raise standards in the profession and implement recommendations from our professionalism white paper.

These amendments clarify areas of confusion and, most importantly, eliminate behaviour and practices that commonly frustrate members.

Will Realtors need a Form B in hand before a listing goes live?

No, like with strata documents under the current rules, the Form B doesn’t have to be in hand when the listing goes live, but you must have proof that those documents were ordered.

Simply put, under the amended rules, the Form B will be included in the list of documents that must be ordered up front before a listing goes live.

How will these rules be enforced?

If you encounter someone who chooses to disregard their professional obligations, we want to hear about it. We encourage members to hold each other accountable by reporting misconduct to concerns@gvrealtors.ca.

Do these changes only affect GVR members?

Once implemented, these changes will be required standards for all Lower Mainland Realtors.

Where can I read more about these rules?

Reminder – new sale status, information coming to MLS® July 24

Fri, 19 Jul 2024 22:56:51 GMT

The new sales statuses for MLS® listings will now be coming to Paragon, REALTOR.ca, and other platforms on July 24.

These new statuses will help REALTORS®, homebuyers, and sellers get a better sense of how far along a listing is in the transaction lifecycle.

What are the new statuses?

There will be three new statuses:

Active Under Contract – This optional status will be used when a listing has an accepted offer with subjects on it. If your brokerage has permitted use of this status, and you have the Agent Modify ability, you can change to this status on your own.
Pending – Replacing the current “Sold” status, this status will be applied to listings that have an accepted subject-free offer, or once all subjects are removed.
Closed – Listings will automatically move to this status at the end of their completion date.

The “Active Under Contract” status will be available to all members with agent modify ability, but your brokerage may apply rules on whether you can use it, or how you can use it. Please check with your office to see how they intend to use the status.

Please note that association staff will not be updating listings from Active to Active Under Contract.

What to expect

At 8 pm on Tuesday, July 23, Paragon will revert to a read-only state for the system update. You will not be able to enter new listings or make changes to existing listings. We expect the update to finish in the early hours on Wednesday, July 24.

Throughout the day on July 24, saved searches will be automatically updated to include the new statuses. Saved searches for Active listings will include Active Under Contract listings. Saved Sold Searches will now include both Pending and Closed Statuses. If you don't want to include these in your search results, you'll need to adjust your saved searches and remove those you do not wish to see.

Watch for an email next week with full details.

Selling Tenant-Occupied Properties During the Residential Tenancy Act Transitional Period

Wed, 10 Jul 2024 19:13:07 GMT

With a phased rollout of changes to residential tenancy laws in British Columbia that started this spring with Bill 14, the Tenancy Statutes Amendment Act, REALTORS® selling tenant-occupied properties are now in a transitional period. Since Bill 14’s changes involve regulating landlord-tenant relationships, REALTORS® must remain aware of this changing tenancy landscape to advise their clients properly. As the new rules come into effect at different times, it is possible that the rules framing previous deals no longer apply to current or future ones, adding to the challenge of selling tenant-occupied properties.

Transitional period rules

Since the Bill’s changes come into effect at different times – after its introduction, upon royal assent, and throughout the summer of 2024 – Bill 14 also includes transitional period rules (Transitional Provisions), which specify whether the old or new rules apply.

For example, Bill 14 makes significant changes to a tenant’s compensation (RTA Section 51 – Tenant’s Compensation: Section 49 notice) if a landlord does not occupy the property for personal use contemplated by RTA Section 49 – Landlord’s Notice: Landlord’s Use of Property. Prior to Bill 14, if a landlord evicted their tenants for the landlord’s (or a buyer’s) personal use of the property, the landlord (or the buyer) or their immediate family member had to demonstrate a good faith intent to occupy the unit for at least six months. Bill 14 changes this six-month period to a 12-month period (or to a shorter period of at least six months if one is otherwise prescribed).

If the landlord cannot establish that the requirements of RTA Sections 49 and 51 have been met, the tenant is entitled to compensation in the form of 12 times the monthly rent under the tenancy agreement. For REALTORS® selling or buying tenant-occupied properties, the increase in the length of the landlord’s (or buyer’s) occupancy period could have wide-ranging effects on deals, particularly if the buyer requests vacant possession. It is prudent to obtain written confirmation from buyers requesting vacant possession that they will occupy the property for the minimum period required by the RTA.

The Transitional Provisions provide that notices given pursuant to RTA Section 49 before or on the date of the First Reading (being April 2, 2024) are not impacted by these amendments to RTA Sections 49 and 51; however, notices given after the date of the First Reading are impacted. This means that the landlord’s notices to terminate the tenancy for personal use given on or prior to April 2, 2024, are governed by the pre-Bill 14 requirements of six months of occupancy, while notices given after April 2, 2024, are now governed by the Bill 14 amendments and require a 12-month occupancy.

Another example of Bill 14’s major changes is the introduction of the new RTA Section 22.1, which provides a landlord must not increase the rent based on the number of occupants due to the addition of an occupant who is a minor or an occupant who, when the tenancy agreement was entered into, was a minor but is no longer a minor. RTA Section 22.1 came into effect upon the Bill’s royal assent on May 16, 2024, and is also subject to the Transitional Provisions.

The Transitional Provisions provide that Section 22.1 applies to tenancy agreements that were entered into prior to May 16, 2024, but it does not affect rent variances that took effect before Section 22.1 came into force on May 16, 2024.

It is advised that REALTORS® review the entirety of Bill 14, including the Transitional Provisions to fully understand the changes to the residential tenancy laws.

Advice on best practices

One of our instructors for the Selling Tenant Occupied Properties course, Richard Collins, shared his best practices for managing deals during the transitional period:

Drawing your practice lines

Collins emphasizes the importance of drawing clear lines between what is a REALTOR®’s expertise and what is not. Even though it is important for REALTORS® to stay updated on RTA changes, they are not property managers or lawyers. This is particularly important when setting out notices to end tenancies and delivery of vacant possession in the Contract of Purchase and Sale (CPS). Given that there is currently no standardized clause specifying that purchasers must complete even if the tenant fails to leave after being given proper notice, Collins advises REALTORS® to speak with their managing brokers, who can then coordinate with legal advisers about potentially inserting clauses in the CPS.

Always warn clients of potential risks

Collins also highlights the importance of REALTORS® upholding their fiduciary duties to their clients. Part of this duty is warning them of potential risks, including possible liability for tenant compensation, additional closing costs, and potential loss of rental income, involved with the deal. Tenants are entitled to one month of compensation when a tenancy is ended for the landlord’s (or buyer’s) personal use. In addition to that automatic compensation, Collins predicts we may see more “cash for key” deals; a practice where the landlord and tenant voluntarily agree to end the tenancy for a pre-specified amount of compensation. His best practice advice is for REALTORS® to use their negotiation and communication skills to establish rapport with the tenants, which can help clients navigate the tricky situations of negotiating compensation with them. He notes that REALTORS® should only do this with their client’s permission. Since it is unclear when the rest of Bill 14’s changes will take effect, clients are also at risk of having their deals affected by new laws. Given these pending changes, Collins advises that REALTORS® should warn their clients of this risk and encourage them to complete deals as soon as possible when it can be done without putting the client at undue risk.

Recognizing specialty products

Ultimately, Collins advises REALTORS® working with tenant-occupied properties to know their product, both the property and the tenant-landlord situation. He cautions REALTORS® who are not familiar with tenant-occupied properties to refer clients who are dealing with them to those who are.

“Selling a tenant-occupied property is becoming a specialty,” says Collins. “If you are going to venture into this area, do your due diligence.”

The inaugural issue of BrokerConnect, BCREA’s newsletter aimed at managing brokers, provided a detailed breakdown of these changes and their timelines. Bill 14’s effects on the RTA are also addressed in a recently published Legally Speaking #574: Landlords Take Notice – Recent Amendments to BC Tenancy Legislation” by Amy Peck.

New eviction rules: Landlords required to use new website to create personal-use eviction notices, and more

Wed, 10 Jul 2024 19:12:18 GMT

New rules around evictions require BC landlords looking to evict tenants for personal or caretaker use to use a new website to create Notices to End Tenancy starting July 18, 2024.

The Landlord Use Web Portal will require landlords to provide detailed information when issuing these notices, allowing the government to monitor eviction patterns and enforce penalties for violations.

“With this new tool, we’re taking action to better protect tenants from being evicted under false pretences and ensure that landlords who need to legitimately reclaim their units have a straightforward pathway to do so,” said Ravi Kahlon, minister of housing in a statement. “The portal will also provide government with a window to better understand when and how often these evictions occur so that we can continue to build on our work to improve services for renters and landlords.”

Issuing a Notice to End Tenancy

If a landlord is looking to evict a tenant for personal occupancy or caretaker use on or after July 18, they will first need a Basic BCeID.

Using the Basic BCeID, they’ll be able to log into the web portal to generate a Notice to End Tenancy for personal occupancy or caretaker use and include information about the person or persons moving into the home.

The generated notice will include a unique ID.

The information entered into the portal will be used by the Rental Tenancy Branch (RTB) to track these types of evictions, and in post-eviction compliance audits.

New rules and a more standardized, streamlined process

Alongside the portal’s launch on July 18, the provincial government is updating the rules around evictions for personal or caretaker use to streamline and standardize the process while making it more transparent.

Key changes include:

Landlords must provide four months' notice for personal-use or caretaker evictions (previously two months)
Tenants will have 30 days to dispute evictions (previously 15 days)
The person moving into the unit must live there for at least 12 months
Landlords evicting in bad faith may owe tenants 12 months' rent

What’s considered personal occupancy or caretaker use?

Under the Residential Tenancy Act, a landlord can evict a tenant for personal occupancy or caretaker use if the following people will be moving in:

The owner/landlord
Close family member (parent, spouse, or child)
Purchaser of the property or a close family member of the purchaser
Superintendent for the building

Questions about selling tenant-occupied properties

REALTORS® need to be aware of these new rules when representing clients who are buying or selling tenant-occupied properties if the buyer wants vacant possession (whether on the completion date or otherwise).

How does this affect homes sold on or after July 18?

Any notice to end a tenancy for the buyer’s personal use given to a tenant on or after July 18, 2024, can’t end the tenancy until after the expiration of the four-month notice period.

How do the new requirements impact an offer on a home when rent is paid on the first of each month?

If all contract subjects were satisfied or waived on July 22, 2024, a Four-Month Notice to tenants using the portal’s notice generator could be provided on or before July 31, 2024, and could require the tenant to vacate the home by November 31, 2024.

What if the tenant does not vacate the home?

As has always been the case with tenant-occupied properties, sellers and buyers should be advised to obtain legal advice to ensure they understand their rights and responsibilities in circumstances when a tenant does not comply with a notice to vacate and remains in the home after the date that the tenancy was supposed to end.

Ongoing transactions

We strongly advise anyone currently in the middle of a transaction involving a tenant-occupied property seek legal advice to navigate these new regulations.

Legal advice can help ensure compliance with the transition to the new rules and protect the interests of all parties involved by informing them of their rights and obligations arising under the new rules.

GVR’s response

Your association is working with the BC Real Estate Association and other boards and associations across the province to respond to the latest changes to the residential tenancy laws in BC.

We’ll provide more information in the coming weeks.

Resources and more information

Government announcement in other languages

You can also find the announcement in the following languages:

21 grants and rebates for homebuyers and owners

Wed, 10 Jul 2024 19:10:52 GMT

Updated on Thursday, July 4, 2024

1. Federal Home Buyers’ Plan

Qualifying homebuyers can withdraw up to $60,000 (couples up to $120,000) from their RRSPs for a down payment. Must begin repaying within five years and repay within 15 years. Eligibility to use program a second time: home buyers who’ve experienced a breakdown in their marriage/common-law partnership and those who have repaid their RRSP. Can be used together with the First Home Savings Account program. Canada Revenue Agency. Learn more.

2. Federal Tax-Free First Home Savings Account (FHSA)

Qualifying first-time buyers can contribute up to $8,000 yearly to a maximum of $40,000 towards a down payment. Contributions are tax deductible; Capital gains (earnings) and interest are tax-free. Can be used together with the Home Buyers’ Plan. Learn more.

3. First-Time Home Buyers’ Program

Qualifying first-time buyers may be exempt from paying the PTT (one per cent on the first $200,000 and two per cent on the remainder of the purchase price of a resale home) for homes priced up to $835,000, with the first $500,000 exempt from the PTT. The phase out range is $25,000 above the threshold, with the complete elimination of the exemption at $860,000. New thresholds begin April 1, 2024. Foreign entities, taxable trustees, ineligible. Learn more. 1-888-355-2700.

4. Newly Built Home Exemption

Qualifying buyers of new homes may be exempt from paying the PTT on a newly built home or newly subdivided unit priced up to $1,100,000, and a partial exemption on newly built homes priced up to $1,150,000. Begins April 1, 2024. Learn more. 1-888-355-2700.

5. Provincial new purpose-built rental buildings exemption

Buyers of new qualifying purpose-built rental buildings will be exempt from the PTT starting January 1, 2025, and ending December 31, 2030. The purpose-built rental building must have at least four separate apartments that are non-stratified and held as rentals monthly or longer, for at least 10 years. Learn more. 1-888-841-0090.

6. Provincial flipping tax exemption

Effective January 1, 2025, homebuyers who sell a residential property, including a presale assignment, within two years of buying will be taxed 20 per cent within the first year of purchase, declining to zero between 366 and 730 days. A property is tax exempt if homebuyers are adding to the housing supply, developing/constructing housing; or have life changes – separation, divorce, death, disability, illness, work relocation work, job loss, insolvency, or personal safety. Homeowners selling their primary residence within two years of purchase can exclude a maximum of $20,000 when calculating their taxable income. Learn more. Questions: ITBTaxQuestions@gov.bc.ca.

7. Provincial secondary suite incentive loan program

Forgivable loans up to $40,000 for homeowners to build and rent an affordable secondary suite at below market rates to increase affordable rental supply. Learn more and check eligibility. 604‑439‑4727 or 1‑877‑757‑2577 and select option three or use this secondary suite web form.

8. Federal First-Time Home Buyers’ Tax Credit (HBTC)

Eligible persons who bought a qualifying home can claim the home buyers’ amount of $10,000 on Line 31270 of Schedule 1 when filing their 2022 income tax and benefit returns. Learn more and here. 1-800-959-8281.

9. Provincial renter tax credit

If a renter has low-to-moderate-income ($60,000 or less) there's a new annual income-tested tax credit of up to $400 per year for renters. Learn more. 1‑800‑959‑8281.

10. GST/HST New Housing Rebate

Homebuyers buying a newly-built home can apply for a rebate for the five per cent GST if the purchase price is $350,000 or less. The rebate is equal to 36 per cent of the GST to a maximum rebate of $6,300. There is a proportional GST rebate for new homes costing between $350,000 and $450,000. There is no rebate for homes priced at $450,000+. Learn more. 1-800-959-8287.

11. CMHC Mortgage Loan Insurance Premium refund

Provides homebuyers with CMHC mortgage insurance, up to a 25 per cent premium refund and possible extended amortization without surcharge when buyers purchase an energy efficient home or make energy saving renovations. Learn more. 604-731-5733.

12. BC Home Owner Grant

Reduces property taxes for homeowners with an assessed or partitioned value up to $2.125 million. The grant is reduced by $5 for each $1,000 above the threshold. The grant threshold applies across the province. The amounts are:

$570 for the basic grant;
$770 if the home is located in a northern or rural area;
Up to $845 for homeowners age 65 and more or a homeowner with a disability; and
Up to $1,045 for homeowners age 65 and more or a homeowner with a disability where the home is in a northern or rural area. Learn more. hogadmin@gov.bc.ca. 1‑888‑355‑2700.

13. BC Property Tax Deferment Programs

Property Tax Deferment Program for Seniors: qualifying homeowners aged 55+ can defer property taxes.

Property Tax Deferment Program – Financial Hardship: qualifying low-income homeowners can defer property taxes.

Property Tax Deferment Program for Families with Children: qualifying homeowners who financially support children under age 18 can defer property taxes.

Learn more. Vancouver: 1-888-355-2700 or 250-387-0555.

14. Multigenerational Home Renovation Tax Credit

Families adding a secondary unit to their home for an immediate or extended family member to live with them can claim a 15 per cent tax credit for up to $50,000 in renovation and construction costs. Learn more.

15. Home Accessibility Tax Credit

Doubles the qualifying expense limit of qualifying home renovations up to $20,000 for 2022 and subsequent years. This tax credit is up to $3,000 for accessibility renovations or alterations. Learn more.

16. Homebuyers’ tax credit for persons with disabilities

Persons with disabilities, or persons with a spouse or common-law partner with disabilities, may be eligible for a disability tax credit, even if they’re not a first-time home buyer. Learn more.

17. Tax deductions for moving for work

Persons who get a new job and move a minimum of 40 kilometres closer to work may be able to deduct all moving costs, including the costs of selling real estate, ending a lease or mortgage, flights, movers, and temporary housing. Learn more.

18. Expanded heat-pump program

BC’s expanded heat-pump program is taking applications, with savings of up to $24,000. Learn more here or call 1-833-856-0333 or email IncomeQualifed@betterhomesbc.ca.

19. BC Rebate for Accessible Home Adaptations

This program provides up to $17,500 in rebates for adaptations to a home. Must be a resident of BC with limited income and assets. Eligible households include homeowners and joint applications from tenants and landlords – someone in the household must have a permanent disability or loss of ability. Learn more. 604-433-2218 or 1-800-257-7756.

20. Home Renovation Tax Credit for seniors and persons with disabilities

Assists eligible seniors 65+ with the cost of eligible permanent home renovations to a principal residence to improve accessibility. Maximum refundable credit: $1,000 per tax year, calculated as 10 per cent of the qualifying renovation expense (maximum $10,000). Forms are available online. Learn more. 1-800-959-8281.

21. BC Electricity Affordability Tax Credit

A new, one year electricity affordability credit for all households, regardless of income starting in April 2024. Households will save on average $100 a year on their electricity bills. Commercial and industrial customers will receive savings of about 4.6 per cent based or about $400 on their 2023/24 electricity bills. Learn more.

Download

Download 21 grants and rebates for homebuyers and owners (opens 2-page PDF).

RP PRE-SALE MARKETING TEAM INVITES YOU TO VIP REALTOR EVENT | edge way at lelam

Fri, 28 Jun 2024 21:52:31 GMT

Date: Saturday July 6th, 2024

Time: 11:00am -12:30pm

Location: 5366 Crooked Branch Road, University Endowment Lands
(near UBC campus)

NOTE: For video filming, please contact Vivian at 778-869-0504

edge way Preview Package
edge way Floor Plan Preview Package
edge way VIP Offering Sheet

Rules of Cooperation to enforce a new “timely communication” standard, increase REALTOR® accountability over unlicensed assistants, and more…

Fri, 28 Jun 2024 21:44:20 GMT

Representatives from Greater Vancouver REALTORS® (GVR) and the Fraser Valley and Chilliwack real estate boards have finalized a series of changes to the Rules of Cooperation that will come into effect on August 1, 2024.

The changes are a key part of our ongoing work to raise standards in the profession and implement recommendations from our professionalism white paper.

The changes focus on seven key areas.

Seven key changes

Timely Communication standard: A member shall communicate with other members in a timely and effective manner.
Accountability for unlicensed assistants: Members are responsible for the actions of their unlicensed assistants, administrators and employees, and members will be held accountable for all conduct and actions undertaken by these individuals on behalf of the member.
Upholding the reputation of the profession: A member shall not conduct themself nor permit their employees to conduct themselves in such a manner as to prejudice their own reputation, the reputation of the Board, or the reputation of the real estate profession.
Broker obligation to report completion date changes: The Listing Brokerage must notify the MLS® Department immediately of any amendment to or extension of the completion date.
Exempting residential land assemblies from CREA’s REALTOR® Cooperation policy: Listings that are part of a residential land assembly are exempt from CREA’s REALTOR® Cooperation Policy that specifies that all Realtors across Canada must place their residential listings on the MLS® System within three days of public marketing. A residential land assembly is defined as the combining of two or more adjacent residential properties to form a single site that current government policy may allow for development of a commercial property or a residential use with four (4) or more units.
Electrical inspection label for mobile homes: For Manufactured Homes/Modular Homes/Park Model Homes, a photograph of the CSA or BC Electrical Inspection label must be posted by the Listing Brokerage to the MLS® System as an associated document within 24 hours of the listing becoming active on the MLS® System.
Strata Properties – Form “B”: For each strata MLS® listing, the Listing Brokerage shall at the time of taking the listing obtain current relevant strata corporation documents, including but not limited to two (2) years of strata council minutes and strata corporation minutes, registered strata corporation by-laws, financial statements, registered strata plans, information concerning special assessments, either proposed or levied, and a current Information Certificate (Form “B”).

Rules of Cooperation - August 2024
Rules of Cooperation - What’s Changing (side by side comparison of the previous and new standards)

Once implemented, these changes will be required standards for all Lower Mainland Realtors.

Our perspective on these changes

“Through these changes, we are striving to clarify areas of confusion and, most importantly, eliminate behaviour and practices that commonly frustrate members and interfere with your ability to provide efficient and high-quality service to clients,” Jeff King, GVR CEO said. “In particular, we believe it is long overdue to require comprehensive strata documents at the time of listing, have greater Realtor accountability for the actions of their unlicensed assistants, and to establish a clear standard that members with active listings must respond to queries and communicate about their listing in a timely manner.”

“If you encounter someone who chooses to disregard their professional obligations, we want to hear about it. We encourage members to hold each other accountable by reporting misconduct to concerns@gvrealtors.ca. We will also soon have a professional standards complaint form on WEBForms to streamline this reporting process.”

“Looking ahead, we also intend to implement new measures to expedite the disciplinary process for more minor infractions as a way to strengthen accountability and increase efficiency in the disciplinary process,” King said.

Questions?

We’ll continue to communicate about these changes as we approach the August 1 implementation date.

If you have questions about these new standards, please email us at communications@gvrealtors.ca.

Is your child graduating from high school in 2024?

Fri, 28 Jun 2024 21:39:47 GMT

If you have a child in grade 12 in 2024, we encourage them to apply for one of our annual entrance scholarships!

Each year we award five $1,500 entrance scholarships to our members’ children entering post-secondary education.

We award scholarships based on performance in academics, athletics, fine arts, and community service. The recipients are chosen by a team of independent adjudicators.

Your child is eligible to apply if

you, as their parent or legal guardian, are an active member of Greater Vancouver REALTORS®
they’re currently in grade 12
they’ll be enrolled in full-time studies in fall 2024 in a program of at least two years’ duration leading to a recognized degree, diploma, or certificate at a university, college, or institute recognized by Universities Canada

Key Information

Deadline for applications is August 30, 2024. Adjudication will take place in September, and successful applicants notified in October.
Successful applicants will be asked to submit a certified copy of their final transcript (all grade 11 and 12 marks and provincial exam results). The applicant’s transcript will be mailed to them by the provincial government. The student’s school may also certify copies.
Applicants are advised to begin collecting required documents early, as some references may not be available during the summer.

Request your scholarship application here

Questions?

Email scholarship@gvrealtors.ca.

Use these GVR resources to make sure you’re up to speed on GST in real estate

Mon, 17 Jun 2024 22:24:30 GMT

The Goods and Services Tax (GST) is a key factor in real estate transactions, applying to commissions, fees, and even some housing.

It’s important for Greater Vancouver REALTORS® (GVR) members to understand how GST is applied so you can properly guide your clients.

Here’s a collection of resources you can use to ensure you’re up to speed on GST.

GST on housing fact sheet for Realtors

GST applies to the purchase of a new residential home in BC – but what exactly does the government consider a “new” home? And are there any rebates or exemptions?

To help you understand the rules around GST, we’ve compiled all this information and more into a fact sheet for Realtors.

You can also download a PDF version.

Need to know more? Take our course

Our GST for Realtors and Real Estate Transactions course provides you with a basic understanding of how the GST applies to your business. You’ll learn how it applies to both commercial and residential real estate transactions, and how you can determine if you have a GST situation that needs action.

You’ll also learn about risks and liabilities associated with the GST and when you should advise your client(s) to seek legal or professional tax advice.

This course also complements BCREA’s Tax Tips for Selling Real Estate course.

The next available date for our course:
June 25, 9:30 am – 3:30 pm via Zoom webinar

MLS® rules around GST

Residential listings on the MLS® have an optional field for GST. This yes-or-no field gives you the option to let other members know if the listing price includes GST or not.

If you have a listing that GST applies to and you want to include GST in the listing price, we encourage you to use this field.

Note that all sales prices must be reported to GVR without the tax included even if your original listing included the GST in its price.

When in doubt, ask an expert

If you’re in doubt about GST, we recommend you ask an expert like an accountant, or ask your managing broker for advice.

UPDATE – new sale status, information coming to MLS® in July

Mon, 17 Jun 2024 22:23:30 GMT

The new sales statuses for MLS® listings will now be coming to Paragon, REALTOR.ca, and other platforms in July. We'll announce the exact date in the coming weeks.

These new statuses will help REALTORS®, homebuyers, and sellers get a better sense of how far along a listing is in the transaction lifecycle.

What are the new statuses?

There will be three new statuses:

Active Under Contract – This optional status will be used when a listing has an accepted offer with subjects on it. If your brokerage has permitted use of this status, and you have the Agent Modify ability, you can change to this status on your own.
Pending – Replacing the current “Sold” status, this status will be applied to listings that have an accepted subject-free offer, or once all subjects are removed.
Closed – Listings will automatically move to this status at the end of their completion date.

Please note that association staff will not be updating listings from Active to Active Under Contract.

More recent sold prices coming to Realtor.ca

Along with the new sale statuses, we also plan on including more recent sold prices for listings on public-facing listing websites like Realtor.ca.

After the starting date in July, all listings with the new “Closed” status will automatically show their sale price.

We’ll provide more information on the new sale statuses and public facing sold prices in the coming weeks.

Questions? Please contact the MLS® department at mls@gvrealtors.ca

	1.	Definition of "trading services" in s.1 of Real Estate Services Act, SBC 2004, c. 42.
	2.	Ibid.
	3.	s. 34, Real Estate Service Rules, BC Reg. 209/2021.
	4.	Stanley v. Grech, 2023 BCCA 348.
	5.	Ibid (Paras 38-43).
	6.	Morden v. Pasternak, 2023 BCCA 252.
	7.	BCFSA Referrals Guidelines, May 4, 2021.
	8.	Legal Referral Service.
	9.	British Columbia Association of Professional Archaeologists.
	10.	Legally Speaking #576.
	11.	Legally Speaking #504.

	1.	Sewell v. Abadian, 2025 BCCA 158.
	2.	Smith v. Reder and Carleton, 2005 BCSC 635.
	3.	Lyle v. Burdess, 2008 YKSM 5.
	4.	Smith v. Reder and Carleton, 2005 BCSC 635.
	5.	Sewell v. Abadian, 2025 BCCA 158.
	6.	Krawchuk v. Scherbak, 2011 ONCA 352.
	7.	Sewell v. Abadian, 2024 BCSC 1116.
	8.	Sewell v. Abadian, 2025 BCCA 158.
	9.	Sewell v. Abadian, 2025 BCCA 158.
	10.	Rules, s. 59.
	11.	BCFSA information page.
	12.	Sewell v. Abadian, 2025 BCCA 158.